Question # 1

Inconvertible paper money is issued by

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Central bank

Commercial bank

Industrial bank

Central government

Which economist did present the concept of macro economics

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Adam Smith

Marshall

Pigou

Keynes

The additional cost which a firm has to bear in order to produce additional unit of output, are called

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Average cost

Marginal cost

Fixed costs

Variable costs

The equilibrium of the market is that demand and supply to each other are

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opposite

positive

equal

negative

Zakat is part of the present income

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20th

30th

40th

50th

According to neo classical approach, output is the function of:

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Labour

Capital

Organization

Both (a) and (b)

If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be

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More than unity

Less than unity

Equal to unity

Zero

Recent international depression was appeared in:

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1936

1990

2005

2008

Foreign exchange is used in

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Local trade

Regional trade

Domestic trade

International trade

According to law of diminishing marginal utility, marginal utility of a commodity

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Increases

Decreases

Remains constant

Become negative

Who did present unity method to measure elasticity of demand

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Adam Smith

Marshall

Robbins

keynes

Factors of production are more mobile

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In international trade

In the country

In both

In none

According to which theory every factor of production gets the reward of its services equal to its marginal product

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Demand and supply theory

Liquidity preference theory

Marginal productivity theory

Uncertainty theory

One of the following is not included in labour

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Teaching of a teacher in a school

Working of a clerk in an office

To follow a case by a lawyer

To look after the child by his mother

To which area of England Adam Smith belonged

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Wales

Scotland

Ireland

London

Who did criticise the definition of Robbins

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Marshall

J.B. Clark

Beveridge

Pigou

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